One of our own has been “cheated”!The 12 funds bought by employees suffered losses of more than 150 million yuan, and the boss did not bear the losses

2022-08-02 0 By

Sources: China Times reporter Song Jie Chen Feng Beijing fund company insiders have access to more comprehensive information, there is a six-month lock-up period after buying the fund, they choose the fund is more like a weathervane.By the end of last year, tens of thousands of non-money funds (counted separately by share) were held by staff at their fund houses.Based on the net unit value of funds and the share held by insiders as of December 31 last year, there are 12 funds holding more than 50 million yuan, and the 14 fund managers involved have been recognized by professional colleagues.In terms of performance, however, only half of those funds had positive returns last year, and this year, as of April 8, that figure had dwindled to just one.If these investments are not redeemed, the total loss of 153 million yuan this year, our own people were also “pit”.The 2021 annual report of the Fund shows that citic Securities employees hold a total of 91.08 million shares of CITIC Excellence growth, and the market value of the positions is about 181 million yuan, which is the largest product held by the managed internal employees.In addition to citic Excellence growth held for two years, citic Bonus value and CITIC Reserve Return, two other asset management products, are also held by Citic people of 132 million yuan and 86.2 million yuan respectively.As the leading securities asset management industry, these three funds are also known as the “troika” of citic Securities public fund transformation, which is the first three funds successfully transformed.These three funds have been invested about 400 million yuan by citic Securities asset management staff, which shows its recognition of the three fund managers.The value of the dividend is managed by Liu Qi, managing director and head of research at Citic Securities.Excellent Growth is managed by Zhang Xiaoliang, Managing Director of asset Management business and Head of equity Investment Department;Zhen Value Growth fund manager is Zhang Yanzhen, currently the executive general manager of asset management business.All three hold important positions in the company and hold positions in different styles. However, all three funds failed to perform well last year, losing 4.88%, 1.04% and 1.44% respectively.All three have reflected in the annual report, and one thing in common is that they all believe that the allocation of hot market spots such as the new energy sector in 2021 is insufficient.This year’s first-quarter results are not yet available, so it is impossible to know whether the three funds have repositioned their positions, but returns suggest losses have widened.If Citic insiders still hold their shares, they will lose 70 million yuan in the three funds this year.An insider from Citic Securities told The China Times that public funds rely more on direct sales and the expansion of agency channels, and the asset management staff will have purchase targets. Under this guidance, it is better to buy their own products than to buy other companies.Half of the fund lost the most recognized by their colleagues of the fund manager list stars shine, in addition to the index of securities asset management plan products, the most favored is Xie Zhiyu, Xingquan Herun, Xingquan Appropriate two funds a total of 170 million yuan investment company insiders.Managed by Chen Tao and Cao Qing, China Gung Value Pioneer received 62 million yuan from its internal holders, more than the holding amount of the company’s flagship, China Gung Small cap value, managed by Dongrong Yau.An insider from a large fund company in Shanghai told The China Times that fund managers usually conduct product roadshows inside the company, which is also the training for channel personnel before external sales. It is more complete than the information disclosed to the public, and is an important reference for employees when buying funds.It should be noted that of the 12 funds with more than 50 million yuan held by internal staff last year, half of the products had negative annual returns.That means it’s not just ordinary investors who have done badly, but fund insiders who have not done well on their investments this year.Among them, the highest return is the yinhua Xinyi managed by Li Xiaoxing and Zhang Ping, up 38.62%, far higher than the return level of the other 11 funds.Yinhua employees hold 17 million shares of Yinhua Xinyi, about 58 million yuan, and their earnings are much higher than those of other investors.The annual report shows that in the fourth quarter of last year, Yinhua Xinyi’s holdings were scattered, holding 103 stocks, including 24 stocks that accounted for more than 1% of the fund’s net asset value.In equity investment research, Li Xiaoxing and other fund managers are not the same, based on the prosperity of investment, easy to seize the opportunity to do excess beta, with pure track fund comparison, or there are relatively large differences.This year the market is not good, 12 funds in addition to fixed income products harvest 60 days rolling hold to achieve gains, the other are in the red.If the fund company internal staff investment is not redeemed, the total loss of 153 million yuan this year.Unlike ordinary investors, fund company employees have a six-month lock-up period when they buy their own products.In contrast, they will be more cautious when applying for redemption.Data from Tonglian show that more than 2,000 funds were redeemed by insiders in varying numbers at the end of last year.At the end of December 2021, employees held 25 million shares, down 65.6 million from the middle of the year. It is also the only fund that has redeemed more than 50 million shares.Founder Securities Golden Cube positions to new energy, semiconductor and other growth stocks.There are three fund managers, ranking the first Liao Shuai is the company’s asset management equity investment department senior vice president, equity quantitative investment manager.Golden Cube, liao’s only fund, returned -20.77% after one year and seven months.Most of the 12 funds, which were held by internal staff of more than rmb50m last year, were increased by staff in the second half of last year, while only three were slightly redeemed.Among the three, citic Dividend value was redeemed the most, with 7.7 million shares.It was followed by Yi Fangda Blue Chip Collection, which is managed by Zhang Kun, with 7.57 million redemptions.Efonda Blue Chip Selection is the largest fund managed by Zhang Kun, with a scale of 67.623 billion yuan. The single fund size ranks fourth in the non-monetary fund category.Most blue-chip stocks lost money in 2021, with losses expected for blue-chip picks.In addition, the housewarming management business model was also redeemed by a small number of employees in the second half of last year.